DUBAI, March 6 Gulf stock markets were mostly
soft in early trade on Monday with Barwa Real Estate
pulling down Qatar as the company went ex-dividend.
Qatar's index slid 0.7 percent as Barwa sank 7.8 percent to
36.60 riyals, nearing technical support at 35.85 riyals, the
edge of an early February gap. The board recommended a cash
dividend of 2.5 riyals per share, up from the previous year's
Dubai's index edged down 0.2 percent with nine of
the 10 most heavily traded stocks weak, although the most
active, builder Arabtec, rebounded 2.5 percent after
heavy losses in the past week.
The Saudi Arabian index slipped 0.1 percent in the
first half-hour as Saudi Electricity fell 1.0 percent.
The stock had surged but then pulled back on Sunday after
news that the government had cut a fee which the company pays to
municipalities. The regulatory change will result in a 6.1
billion riyal ($1.6 billion) non-recurring gain for the company
this year and reduce its operating expenses in future, it said.
(Reporting by Andrew Torchia; Editing by Catherine Evans)